Basell to sell its position in Taiwan Polypropylene Company Ltd (TPP)
Basell has agreed to sell its 36% share in Taiwan polypropylene Company Ltd (TPP) to Lee Chang Yung Chemical Industry Corporation of Taiwan. In conjunction with the sale, Basell will acquire all shares currently held by TPP in other Basell joint ventures in the region: SunAllomer in Japan (16.7%), PolyMirae in South Korea (10%) and HMC Polymers Company in Thailand (5%). The transactions are expected to be completed in August.
"Basell and its predecessor companies have had an excellent shareholder relationship with TPP for more than three decades," said Ian Dunn, president of Basell International, "and TPP has had a very good track record. The decision to sell was not an easy one, but we believe this path forward is best for the long-term future of TPP. It is also consistent with Basell's strategic intent to focus in areas where we have built advantaged feedstock positions."
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